Essentially Fed provided Wall Street with the much awaited QE3 with the additional purchase of $40 billion in assets each month.

Announcement will likely give us a new wave of euphoria for buying stocks, as more people will be forced out of more traditional interest-bearing asset (bonds, CD's, etc.) and into the market in search of some kind of return.

SPX, after yesterday's move is well outside fo the upper bollinger band, and these kind of moves can be difficult to sustain as historically, there is usually a pullback, not too longer thereafter, to settle the markets down some.

Going back years, there really is little in the way of resistance for the markets until it tests 1500 (can't believe I'm writing that).

Resistance at 1437 and 1440 was broken with little problem.

The last two times we pushed outside the upper bollinger band on the weekly chart (which we are also doing as of yesterday's close), they came after extended rallies similar to the one we've seen of late, and resulted in a multi-week pullback the following week.

Volume was strong yesterday (relatively speaking).

Bull-flag breakout we had been noting in recent days came to fruition.